Saturday, May 21, 2011
Property plans lack credibility - The National Dt. 20.05.2011
Some property exhibitions held in the UAE by foreign developers lack credibility. They typically promise completion within four years and buyers will be asked to start paying for their property.
However, some buyers from the UAE have been cheated with no delivery on time or of the promised quality. In some cases, the property does not even belong to the builder. For that reason, UAE authorities should come up with measures to monitor property exhibitions.
Developers or their representatives who participate should be required to submit necessary documents and a letter of reassurance, which should be approved by authorities. These guarantees should be provided to prospective buyers at the location of the exhibition.
I hope such regulations will help avoid fraud in the property sector which has affected many customers from the UAE.
RM, Abu Dhabi
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